"There was really no basis for fearing the sort of destructive inflation the economy saw at the start of the Great Depression. Wages and prices are too sticky today." — Dean Baker This Is What Deflation Looks Like | Beat the Press.
That's not my reading of the reason. The Fed actions were way too much "pushing on a string." The fiscal measures were way too little, too late, and targeted wrong. Had the government gone in the right direction to a fault, we would have had a superheated economy, including quickly rising, even uncontrolled, inflation, in no time. That was more of what I expected they'd do rather than erring so terribly on the austerity side of things.
That said, I'm sure Dean Baker believes it was too little also and still is.